Profitabilitas, Pertumbuhan Aset, dan Leverage sebagai Penentu Nilai Perusahaan Sektor Barang Baku di Indonesia

Abstract

This study examines the effect of profitability, asset growth, and leverage on firm value in basic materials companies listed on the Indonesia Stock Exchange. The sector is exposed to commodity price swings and rising interest rates, yet post-pandemic evidence for the IDX-IC basic materials classification is scarce. Signaling theory serves as the single theoretical lens. The sample consists of 30 companies selected by purposive sampling over 2021–2024, yielding 120 balanced panel observations. Firm value is proxied by the natural logarithm of Tobin's Q, profitability by return on assets (ROA), asset growth by the annual change in total assets, and leverage by the debt to asset ratio (DAR). Data were analyzed with panel data regression in EViews, using the Chow, Hausman, and Lagrange Multiplier tests to select the estimator. The fixed effect model was selected. The results show that profitability has a positive and significant effect on firm value (β = 2,854; p = 0,016), and leverage also has a positive and significant effect (β = 1,788; p = 0,000), whereas asset growth has no significant effect. Simultaneously, the three variables significantly affect firm value, with an adjusted R² of 0,837. These findings indicate that investors in the basic materials sector respond to signals of earnings quality and of managerial confidence reflected in moderate debt, but not to asset expansion alone. The study offers implications for managers and investors in capital-intensive firms.